June 13, 2017 - Industry News
Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.
Tags: auto finance, CFPB, compliance, Consumer FInancial Protection Bureau, dealer markups, dealer participation, Dodd-Frank Act
June 12, 2017 - Industry News
The new event is targeted to auto lending executives and joins Best Training Day Ever, Compliance Summit, F&I Think Tank and Special Finance Conference under the Industry Summit umbrella.
Tags: auto finance, compliance, Industry Summit, Lender Summit
June 7, 2017 - Industry News
UDS’s Brian Crisorio and Auto Dealer Today’s Tariq Kamal will serve as co-show chairs for this year’s Compliance Summit.
Tags: auto finance, compliance, Compliance Summit, F&I manager, F&I office, Industry Summit
June 6, 2017 - Industry News
With banks retreating from all risk tiers, an executive with CU Direct Lending said the auto finance market is primed for credit unions to pick up more share. In the first quarter, credit unions grew their share of the market by 4%.
Tags: auto finance, Credit Unions, CU Direct, special finance, subprime, used-vehicle financing
June 1, 2017 - Industry News
Cox Automotive and Holman Enterprises have announced the launch of Flexdrive, a joint venture designed to offer a subscription option to new-car buyers.
Tags: auto finance, Cox Automotive, Holman Enterprises, mobility
May 18, 2017 - Industry News
The feat comes almost nine years after the Great Recession, when household debt reached $12.68 trillion. But the debt and its borrowers look quite different today, the New York Fed noted, and auto finance sources showed signs of tightening in response to some deterioration in auto loan performance.
Tags: auto finance, Delinquencies, Federal Reserve Bank of New York, Originations, Oustanding Auto Loan Balances
May 11, 2017 - Industry News
Launched in April, Clearlane will soon be getting an upgrade. Through eOriginal, the auto finance marketplace will soon allow car buyers to sign and submit their financing documents online or via mobile devices.
Tags: Ally, auto finance, Clearlane, digital retailing, Online F&I
Executives with the former AmeriCredit Corp. described GM Financial’s transition to General Motors’ captive finance source as ‘substantially complete’ during its recent first-quarter earnings call.
Tags: auto finance, GM Financial
May 10, 2017 - Industry News
Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.
Tags: auto finance, Bill Katafias, CRB Auto, Indirect Lending, Mechanics Bank, Wells Fargo Dealer Services
April 10, 2017 - Industry News
A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.
Tags: auto finance, Morgan Stanley, Stretching Loan Terms, Subprime Financing, used-vehicle pricing, vehicle depreciation
April 7, 2017 - Industry News
A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.
Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray
April 3, 2017 - Industry News
Clearlane allows consumers to finance a vehicle purchase from a dealership or a private party sale, refinance their existing loan, or buy their vehicle at lease end. The site also sells GAP and service contracts.
Tags: Ally, auto finance, digital retailing, Online F&I
AutoGravity’s mobile car shopping and financing platform has grown to included 1,000 rooftops representing more than 1,400 dealerships.
Tags: auto finance, AutoGravity, digital retailing, Online F&I
March 29, 2017 - Industry News
The special finance company, which counts the cofounder and former COO of Exeter Finance in its executive ranks, will use the funding to launch a new and pre-owned auto leasing program this year.
Tags: auto finance, leasing, MUSA, special finance, Used Leasing
March 14, 2017 - Industry News
The more than 1,000 credit unions on CU Direct’s lending platforms maintained their No. 2 spot on Experian’s auto finance leaderboard in January. And with plateauing demand for new vehicles expected to drive up pre-owned sales, the market appears ripe for credit unions to reap further market share gains.
Tags: auto finance, Credit Unions, CUDL, powerbooking
March 2, 2017 - Industry News
The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.
Tags: auto finance, deliquencies, Experian Automotive, leasing, new-vehicle financing, used-vehicle financing
February 16, 2017 - Industry News
The D.C. Circuit granted the bureau’s request to reconsider last October’s three-judge ruling that the bureau’s structure is unconstitutional, vacating a decision that gave the president the authority to remove the director of the CFPB at will.
Tags: auto finance, CFPB, dealer participation, Donald Trump
January 30, 2017 - Industry News
The integration has resulted in a new upgrade for VinSolutions Connect Desking tool. Called Rates & Residuals, the new feature allows users to structure deals for new and pre-owned vehicles by accessing incentives, rates, and captive and noncaptive lending programs within VinSolutions.
Tags: auto finance, CRM, Deal Structuring, Dealertrack, desking, VinSolutions
January 19, 2017 - Industry News
A new report released by Republican members of the House Financial Services Committee charges CFPB Director Richard Cordray with violating federal law when the regulator published its Larger Participant Rule in June 2015.
Tags: auto finance, CFPB, compliance, FEDERAL REGULATION, House Financial Services Committee
Held alongside Industry Summit for the second consecutive year, Compliance Summit will include one full day of compliance education for dealers, managers, and sales and F&I professionals. An onsite certification courtesy of Automotive Compliance Education (ACE) will be available to all attendees the following day.
Tags: auto finance, Best Training Day Ever, compliance, Compliance Summit, F&I training, Industry Summit
January 18, 2017 - Industry News
Credit unions funded 1.4 million loans through CU Direct’s Lending 360 and CUDL lending platform, generating a record $30 billion in credit union auto loans in 2016 and surpassing the $26 billion in loans the company funded in 2015.
Tags: auto finance, Credit Unions, CU Direct, CUDL, F&I manager, loan originations
The software company today released details on an initiative to electronically integrate major finance sources with F&I product providers in a bid to develop better F&I product cancellation processes and systems.
Tags: auto finance, Dealertrack, F&I Express, F&I products, Repossessions
December 1, 2016 - Industry News
Annualized net losses for prime auto loan ABS declined on a monthly basis in October, while subprime losses rose 32 basis points to 9.61%, according to the ratings agency. Subprime ANL, however, remain within levels recorded earlier this year.
Tags: Auto ABS, auto finance, Fitch Ratings, prime financing, subprime auto finance
October 18, 2016 - Industry News
Whether a seasonal trend or a sign of things to come, Black Book recorded the largest year-to-date weekly decline in car values last week. Trucks also recorded a sizable drop in values.
Tags: auto finance, Black Book, Used Vehicles, Wholesale Values
September 22, 2016 - Industry News
While the industry welcomed the Fed’s 7-3 decision not to raise interest rates a quarter point, market watchers say even a full percentage-point increase wouldn’t impact the current pace of auto sales. The Fed is still expected to raise rates a quarter point by the end of the year.
Tags: auto finance, F&I manager, Federal Reserve, interest rates
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